Updated Monday, 9/13.
After a wave of launches in the short holiday week, 11 IPOs are scheduled to raise over $3 billion in the week ahead.
Tech consultancy Thoughtworks (TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.
Swiss running shoe brand On Holding (ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.
After ending talks to go public via SPAC, Sportradar Group (SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.
Drive-thru coffee chain Dutch Bros (BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.
Healthcare intelligence platform Definitive Healthcare (DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.
Mortgage insurance spinoff Enact Holdings (ACT) plans to raise $260 million at a $3.2 billion market cap. Being spun off of Genworth Financial, this company provides mortgage insurance primarily to consumers that purchase homes with less than 20% down payments. The robust housing market provides strong growth tailwinds for Enact Holdings, but rising interest rates could hurt demand for mortgage insurance.
Identity management platform ForgeRock (FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.
Immunology biotech DICE Therapeutics (DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.
Surgical robotics developer PROCEPT BioRobotics (PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.
Oncology biotech Tyra Biosciences (TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.
Micro-cap gas delivery service EzFill Holdings (EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Sportradar (SRAD) St. Gallen, Switzerland | $504M $7,895M | $25 - $28 19,000,000 | JP Morgan Morgan Stanley |
| Provides software and data to the sports betting industry. | |||
| Definitive Healthcare (DH) Framingham, MA | $389M $3,703M | $24 - $26 15,555,555 | Goldman JP Morgan |
| Provides a healthcare intelligence platform for go-to-market sales strategies. | |||
| DICE Therapeutics (DICE) South San Francisco, CA | $160M $550M | $15 - $17 10,000,000 | BofA SVB Leerink |
| Phase 1-ready biotech developing oral small molecule therapies for immunologic diseases. | |||
| Dutch Bros (BROS) Grants Pass, OR | $400M $3,316M | $18 - $20 21,052,632 | BofA JP Morgan |
| Owns and franchises drive-thru coffee shops in the Western US. | |||
| EzFill Holdings (EZFL) Miami, FL | $25M $104M | $4 6,250,000 | ThinkEquity |
| Provides an on-demand fuel delivery service in Florida via mobile app. | |||
| On (ONON) Zürich, Switzerland | $653M $6,573M | $20 - $22 31,100,000 | Goldman Morgan Stanley |
| Swiss running shoe and athletic apparel brand. | |||
| PROCEPT BioRobotics (PRCT) Redwood City, CA | $127M $1,072M | $22 - $24 5,500,000 | BofA Goldman |
| Makes a surgical robotic system for minimally-invasive urologic surgery. | |||
| Thoughtworks (TWKS) Chicago, IL | $700M $6,335M | $18 - $20 36,842,106 | Goldman JP Morgan |
| Provides digital consulting and software development services. | |||
| Tyra Biosciences (TYRA) Carlsbad, CA | $101M $584M | $14 - $16 6,700,000 | BofA Jefferies |
| Preclinical biotech developing FGFR kinase inhibitors for solid tumors. | |||
| Enact Holdings (ACT) Raleigh, NC | $260M $3,175M | $19 - $20 13,310,400 | Goldman JP Morgan |
| Private mortgage insurance company being spun out of Genworth Financial. | |||
| ForgeRock (FORG) San Francisco, CA | $248M $2,079M | $21 - $24 11,000,000 | Morgan Stanley JP Morgan |
| Provides security identity management software to enterprises. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.
